-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BYNKPCN+yjfETw2mOHfquoKFcVD8jh8TUckItXtHbUw8BpN4xEjjtVYPL6ILJ62F ZiLAtN0VaXkLrrcgSBQafQ== 0000950147-01-500897.txt : 20010516 0000950147-01-500897.hdr.sgml : 20010516 ACCESSION NUMBER: 0000950147-01-500897 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010331 FILED AS OF DATE: 20010515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRINCETON MINING CO CENTRAL INDEX KEY: 0000080327 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS METAL ORES [1090] IRS NUMBER: 826008727 STATE OF INCORPORATION: ID FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-04026 FILM NUMBER: 1637140 BUSINESS ADDRESS: STREET 1: 413 CEDAR STREET CITY: WALLACE STATE: ID ZIP: 83873 BUSINESS PHONE: 2087521131 MAIL ADDRESS: STREET 1: 413 CEDAR ST CITY: WALLACE STATE: ID ZIP: 83873 10-Q 1 e-6848.txt QUARTERLY REPORT FOR THE QTR ENDED 3/31/01 UNITED STATES SECURTIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------- FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (fee required) For the quarterly period ended March 31, 2001 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (no fee required) For the transition period from _____________ to _____________ Commission file number: 1-3323 PRINCETON MINING COMPANY (Exact name of registrant as specified in its charter) Idaho 82-6008727 (State or other jurisdiction (IRS Employer of incorporation) Identification No.) 413 CEDAR STREET, WALLACE, IDAHO, 83873 (Address of principal executive offices) (208) 752-1131 (Registrant's telephone number, including area code) COMMON STOCK THE OTC - BULLETIN BOARD Title of each class Name of each exchange on which registered Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period as the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] At March 31, 2001, 9,569,140 shares of the registrant's $0.10 par value common stock were outstanding. PRINCETON MINING COMPANY TABLE OF CONTENTS Page ---- PART I - FINANCIAL INFORMATION Item 1: Financial Statements................................................ 1 Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations............................................. 5 PART II - OTHER INFORMATION Item 1: Legal Proceedings................................................... 6 Item 2: Changes in Securities............................................... 6 Item 3: Defaults among Senior Securities.................................... 6 Item 4: Submission of Matters to a Vote of Security Holders................. 6 Item 5: Other Information................................................... 6 Item 6: Exhibits and Reports on Form 8-K.................................... 6 SIGNATURES PART I-FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA PRINCETON MINING COMPANY BALANCE SHEETS MARCH 31, DECEMBER 31, 2001 2000 --------- --------- (UNAUDITED) ASSETS Current assets: Cash $ 102 $ 155 --------- --------- Total current assets 102 155 --------- --------- Fixed assets: Mineral properties 2,000 2,000 --------- --------- Total assets $ 2,102 $ 2,155 ========= ========= LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 3,774 Advances payable to related party $ 61,500 49,500 Accrued interest on advances payable 3,606 --------- --------- Total current liabilities 61,500 56,880 --------- --------- Stockholders' deficit: Preferred stock, $0.10 par value; 1,000,000 shares authorized; no shares issued and outstanding Common stock, $0.10 par value; 29,000,000 shares authorized; 9,569,140 shares issued and outstanding 956,914 956,914 Common stock discount (277,635) (277,635) Accumulated deficit (738,677) (734,004) --------- --------- Total stockholders' deficit (59,398) (54,725) --------- --------- Total liabilities and stockholders' deficit $ 2,102 $ 2,155 ========= ========= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 1 PRINCETON MINING COMPANY STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE MONTHS ENDED -------------------------- MARCH 31, MARCH 31, 2001 2000 ----------- ----------- Operating expenses: General and administrative expenses $ 4,673 $ 5,926 ----------- ----------- 4,673 5,926 Other expenses: Interest expense 690 ----------- ----------- 690 Net loss $ (4,673) $ (6,616) =========== =========== Net loss per share-basic $ Nil $ Nil =========== =========== Weighted average common shares outstanding-basic 9,569,140 9,569,140 =========== =========== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 2 PRINCETON MINING COMPANY STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED -------------------------- MARCH 31, MARCH 31, 2001 2000 -------- -------- Cash flows from operating activities: Net loss $ (4,673) $ (6,616) Adjustments to reconcile net loss to net cash used by operating activities: Accrued expenses 2,711 Change in: Accounts payable (3,774) (721) Accrued interest on advances payable (3,606) -------- -------- Net cash used by operating activities (12,053) (4,626) -------- -------- Cash flows from financing activities: Advances from related party 12,000 4,600 -------- -------- Net cash provided by financing activities 12,000 4,600 -------- -------- Net change in cash (53) (26) Cash, beginning of year 155 113 -------- -------- Cash, end of year $ 102 $ 87 ======== ======== Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 3,606 $ 0 ======== ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS. 3 PRINCETON MINING COMPANY NOTES TO FINANCIAL STATEMENTS 1. BASIS OF PRESENTATION: The unaudited financial statements have been prepared by the Company in accordance with generally accepted accounting principles for interim financial information, as well as the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of the Company's management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included. Operating results for the three-month period ended March 31, 2001 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2001. For further information refer to the financial statements and footnotes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2000. 2. NATURE OF BUSINESS: Princeton Mining Company (the "Company") is an Idaho Corporation that was incorporated on September 29, 1950. The Company was organized to explore for, acquire and develop mineral properties in the State of Idaho and the Inland Northwest. The Company has no recurring source of revenue, has incurred operating losses since inception and, at March 31, 2001, has a stockholders' deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern as reported by the Company's independent auditors in its December 31, 2000 financial statements. The interim financial statements do not contain any adjustments which might be necessary if the Company is unable to continue as a going concern. 3. SUBSEQUENT EVENT: During April of 2001, a major shareholder related to H. F. Magnuson, agreed to sell 6,250,000 shares of common stock (representing approximately 65% of the outstanding stock of the Company) to certain unrelated parties. In connection with the sale, H. F. Magnuson agreed to forgive and extinguish advances due him totaling $61,500. Warrants to purchase 1,200,000 shares of the Company's common stock that were held by a party not related to H. F. Magnuson were also cancelled in connection with the stock sale. 4 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL This report contains both historical and prospective statements concerning the Company and its operations. Prospective statements (known as "forward-looking statements") may or may not prove true with the passage of time because of future risks and uncertainties. The Company cannot predict what factors might cause actual results to differ materially from those indicated by prospective statements. RESULTS OF OPERATIONS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2001 COMPARED TO THE THREE-MONTH PERIOD ENDED MARCH 31, 2000 During the three-month periods ended March 31, 2001 and 2000, the Company generated no revenue. For the three months ended March 31, 2001, the Company experienced a net loss of $4,673 compared to a net loss of $6,616 during the comparable period in the previous year. The decrease in net loss from 2000 to 2001 was principally due to management's reduction of general and administrative expenses. General and administrative expenses decreased to $4,673 for the three-month period ended March 31, 2001, compared to $5,926 for the three-month period ended March 31, 2000. No interest expense was incurred during the three-month period ended March 31, 2001 compared to $690 of interest expense incurred during the three-month period ended March 31, 2000. The absence of interest expense during the first quarter of 2001 is due to H. F. Magnuson's waiver of any interest due him on financial advances made to the Company. LIQUIDITY AND CAPITAL RESOURCES During the first quarter of 2001, the Company used $12,053 of cash in its operating activities that primarily related to its net loss of $4,673 and the reduction of accrued interest and accounts payable. The Company's operations were funded during first quarter of 2001 through advances totaling $12,000 from H.F. Magnuson. [The balance of this page has been intentionally left blank.] 5 PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None ITEM 2. CHANGES IN SECURITIES None ITEM 3. DEFAULTS UPON SENIOR SECURITIES The registrant has no outstanding senior securities. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None ITEM 5. OTHER INFORMATION None ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K None [The balance of this page has been intentionally left blank.] 6 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PRINCETON MINING COMPANY By: /s/ H. James Magnuson ------------------------------------ H. James Magnuson, its President Date: May 10, 2001 By: /s/ Dennis O'Brien ------------------------------------ Dennis O'Brien, its Principal Accounting Officer Date: May 10, 2001 7 -----END PRIVACY-ENHANCED MESSAGE-----